Greed and Strategic Risk Management: Biblical Ethics in Combatting Corruption

Greed and Strategic Risk Management: Biblical Ethics in Combatting Corruption

Ama Foriwaa Karikari, Peter Agyekum Boateng, Victoria Manu, Jeanette Owusu, Jonas Yomboi

School of Graduate Studies, Valley View University, Ghana

DOI: https://dx.doi.org/10.47772/IJRISS.2025.90400335

Received: 02 March 2025; Accepted: 08 March 2025; Published: 14 May 2025

ABSTRACT

Corporate corruption, driven by greed, poses significant threats to economic stability and organizational integrity. Traditional risk management frameworks often overlook the ethical dimensions of corruption, leaving systemic greed and unethical behaviors unaddressed. This study explores the profound impact of greed on corporate corruption and proposes biblically informed strategies to mitigate such behaviors. Through a systematic literature review, it synthesizes research on greed, biblical ethics, and ethical risk management frameworks, highlighting key principles like stewardship, humility, and servant leadership. Findings reveal that greed disrupts decision-making processes and erodes organizational cultures, while biblical ethics provide actionable solutions for fostering accountability, transparency, and sustainability. The study emphasizes the integration of these principles into corporate governance, ethics training, and stewardship-based financial practices to combat corruption. However, challenges in universal application and limited empirical evidence warrant further cross-cultural and longitudinal research to enhance understanding and implementation.

Keywords: Greed, Corporate Corruption, Biblical Ethics, Stewardship, Risk Management, Ethical Governance

INTRODUCTION

Corporate corruption has consistently posed significant threats to economic stability, organizational integrity, and public trust. Globally, organizations often prioritize short-term financial gains over long-term ethical considerations, creating environments ripe for unethical behaviors. Greed, a fundamental driver of corporate corruption, has been identified as a catalyst for financial fraud, bribery, and embezzlement. Research shows that greed is frequently normalized in corporate cultures that emphasize profitability over ethics, leading to systemic corruption (Marzouki et al., 2023; Zhang, 2018).

The Bible offers a compelling ethical lens through which to examine this issue. Scriptures such as Proverbs 15:27, which states, “The greedy bring ruin to their households, but the one who hates bribes will live,” align with the research demonstrating the destructive nature of greed on organizations and society. Similarly, Ecclesiastes 5:10 warns, “Whoever loves money never has enough; whoever loves wealth is never satisfied with their income,” emphasizing the insatiable and destructive nature of greed.

The failure of traditional risk management frameworks to address ethical lapses exacerbates the problem. While these frameworks often prioritize operational and financial risks, they neglect the systemic ethical risks stemming from greed. This oversight leaves organizations vulnerable to unethical decision-making and corruption, highlighting the need for holistic approaches that integrate ethical considerations into governance structures (López-Claros, 2017; Koven & Perez, 2021).

Greed’s role as a root cause of corporate corruption remains a critical challenge for organizations worldwide. Despite advancements in compliance and governance mechanisms, corruption persists, driven by incentivized materialism and weak ethical oversight. Regulatory efforts, though necessary, are often reactive rather than preventive, focusing on penalizing misconduct rather than addressing its root causes (Klinkhammer, 2013; Marzouki et al., 2023).

Biblical wisdom sheds light on the consequences of greed. 1 Timothy 6:10 states, “For the love of money is a root of all kinds of evil. Some people, eager for money, have wandered from the faith and pierced themselves with many griefs.” This verse underscores the profound ethical and spiritual consequences of greed, reinforcing the need for proactive and ethically informed strategies to combat corruption. The absence of robust ethical frameworks in traditional risk management approaches leaves organizations ill-equipped to address the systemic nature of greed-driven misconduct.

The primary aim of this study is to examine the impact of greed on corporate corruption and propose a biblically informed framework for mitigating unethical behavior through strategic risk management. By leveraging principles such as stewardship, accountability, and integrity, this research seeks to integrate biblical ethics into organizational governance and decision-making processes. This approach aims to bridge the gap between traditional risk management and sustainable, ethically driven solutions.

Addressing the ethical dimensions of corporate risk management is essential in fostering organizational integrity and public trust. Biblical ethics, with their emphasis on humility, stewardship, and moral accountability, provide a compelling framework for addressing the challenges posed by greed-driven corruption. This study offers a novel perspective by integrating these principles into strategic risk management, addressing a significant gap in the literature. Furthermore, it provides actionable insights for policymakers, business leaders, and academics, highlighting the role of ethical governance in achieving long-term sustainability (Zhang, 2018; Marzouki et al., 2023).

To strengthen inclusivity, it is vital to integrate ethical guidance from Islamic, Buddhist, and secular traditions. Islamic teachings emphasize amanah (trustworthiness) and adl (justice) as moral imperatives to discourage corrupt practices (Wijaya, 2014). Buddhist ethics advocate for detachment from material desire and emphasize ethical living through the Noble Eightfold Path, particularly “Right Livelihood.” In secular frameworks, virtue ethics highlights character development, integrity, and communal responsibility as antidotes to corruption (Garofalo et al., 2001). Consequentialist ethics, which evaluate the morality of actions based on their outcomes, also support the creation of anti-corruption structures that maximize societal welfare and minimize harm (López-Claros, 2017).

This study employs a systematic literature review (SLR) to analyze recent peer-reviewed research on greed, corporate corruption, and ethical frameworks. The SLR prioritizes studies published since 2020 to ensure the relevance and applicability of findings. The analysis incorporates theoretical perspectives, such as principal-agent theory and institutional theory, to contextualize the role of greed in corporate corruption and inform the development of biblically grounded risk management strategies.

To address the ethical shortcomings in conventional risk management, this study develops key propositions centered on biblical principles such as stewardship, servant leadership, and accountability. These propositions serve as a framework for integrating faith-based ethical principles into corporate decision-making, offering alternative approaches to mitigating the negative impact of greed in organizations. The study will further elaborate on these propositions in subsequent sections, demonstrating their relevance to corporate governance and strategic risk management.

THEORETICAL FRAMEWORK

Defining Greed: Greed is often defined as an excessive and insatiable desire for wealth, power, or material possessions, frequently achieved at the expense of ethical standards and the well-being of others. Psychologists describe greed as an irrational pursuit that perpetuates dissatisfaction and fosters negative consequences for individuals and organizations (TerBush, 2021; Jiang et al., 2020). Behavioral economics highlights how greed distorts decision-making processes, undermining rationality and prioritizing self-interest over collective well-being (Helzer & Rosenzweig, 2020). Furthermore, empirical studies demonstrate that greed not only undermines psychological well-being but also erodes interpersonal trust and contributes to the reinforcement of unethical corporate cultures (Yanovskaya et al., 2021; Tacke et al., 2022).

From a biblical perspective, greed is strongly condemned as a destructive force that leads individuals and organizations astray. Ecclesiastes 5:10 captures the futility of greed: “Whoever loves money never has enough; whoever loves wealth is never satisfied with their income. This too is meaningless.” This verse underscores the unending dissatisfaction and emptiness associated with greed, aligning with psychological insights on its negative outcomes.

The Bible further warns about the spiritual and societal dangers of greed. Luke 12:15 cautions, “Watch out! Be on your guard against all kinds of greed; life does not consist in an abundance of possessions.” This teaching emphasizes that the pursuit of material wealth often distracts from ethical and spiritual priorities, fostering behaviors that harm relationships and communities. The persistent negative consequences of greed, as outlined in both biblical teachings and academic studies, underscore its role as a significant driver of unethical practices in organizational contexts.

Greed’s impact extends beyond individuals to corporate cultures, where it fuels misconduct such as fraud and corruption. By distorting ethical standards and encouraging self-serving behaviors, greed disrupts the alignment of organizational goals with societal values. Biblical principles such as contentment and stewardship offer a counter-narrative, promoting ethical decision-making and long-term sustainability over short-term material gain (1 Timothy 6:6, “But godliness with contentment is great gain.”).

Theories of Corruption

The principal-agent theory is widely applied to understand and address corruption within organizations. It postulates that corruption arises from the misalignment of interests between principals (e.g., shareholders, public authorities) and agents (e.g., executives, government officials). Agents exploit information asymmetry and lack of oversight to prioritize personal gain over the principal’s objectives (Haron et al., 2024; De Jaeger, 2022). This theory highlights the inherent conflict of interest and suggests that robust control mechanisms, such as audits and governance policies, are essential for mitigating unethical behaviors. However, critics argue that the theory is often limited by its focus on individual accountability and neglects systemic factors, such as cultural norms and institutional weaknesses (Rothstein, 2021; Martinez, 2024).

Further empirical studies have demonstrated the challenges in applying principal-agent theory to combat corruption. For instance, research in Belgium revealed how corruption persists in arm’s length institutions due to failures in governance structures and oversight mechanisms (De Jaeger, 2022). Similarly, studies on public procurement in Italy and Zimbabwe indicated that while principal-agent frameworks are useful, they must be supplemented with ethical training and institutional reforms to effectively address corruption (Mutasa, 2024).

Institutional theory emphasizes the systemic and cultural dimensions of corruption, framing it as a product of deeply ingrained practices within organizations and societies. Corruption becomes normalized when institutions fail to enforce ethical standards, thereby creating environments where unethical behavior is tolerated or even incentivized (Haron et al., 2024; Wawrosz, 2022). Institutional corruption often operates through “value sinks,” where resources are drained for personal or group gain, undermining the organization’s integrity (Hazy et al., 2023).

A notable critique of institutional theory is its focus on structural factors, which can lead to neglect of individual agency and accountability. However, proponents argue that systemic reforms, such as enhancing transparency, strengthening regulatory frameworks, and fostering ethical cultures, are critical for combating institutional corruption (Rothstein, 2021; Pouliopoulos & Georgiadis, 2021). For example, research on FIFA and UEFA demonstrated how cultural and systemic issues within football governance have perpetuated corruption, highlighting the need for stricter regulatory oversight (Pouliopoulos & Georgiadis, 2021).

Both principal-agent and institutional theories offer valuable insights but are not without limitations. Principal-agent theory’s focus on individual accountability often overlooks the broader systemic issues that institutional theory addresses. Conversely, institutional theory’s emphasis on structural factors can downplay the role of personal ethics and decision-making in corruption. A policy-centered approach, which integrates both theories, has been proposed to address these gaps. This approach emphasizes the need for multifaceted strategies that target both individual and systemic drivers of corruption, such as ethical training for agents and systemic reforms to reduce opportunities for misconduct (Martinsson, 2021; Rothstein, 2021).

The theoretical discussion on stewardship and ethical governance provides the foundation for the development of key propositions in this study. These propositions integrate biblical ethics into risk management strategies and outline a structured approach to addressing corporate greed and corruption through ethical decision-making, transparency, and accountability. The following sections will examine these ideas further, leading to the formal Proposition Development section.

Biblical Ethics as a Framework

Biblical ethics offers a compelling counter-narrative to greed by promoting principles such as stewardship, honesty, humility, and accountability. These principles serve as a moral compass for decision-making and organizational leadership, providing a robust framework for combating unethical behaviors. This section explores three central tenets of biblical ethics—stewardship, resisting materialism, and servant leadership—and their implications for fostering ethical practices in organizations.

The concept of stewardship, deeply rooted in biblical teachings, emphasizes the responsible management of resources, viewing them as a trust from God rather than personal property. 1 Peter 4:10 states, “Each of you should use whatever gift you have received to serve others, as faithful stewards of God’s grace in its various forms,” highlighting the importance of using resources wisely for the benefit of others. Stewardship encourages organizations to prioritize long-term sustainability over short-term gains (Havryliuk, 2024).

This principle aligns with modern sustainable business ethics, advocating for the integration of social, environmental, and economic goals into corporate governance. Studies demonstrate that organizations adopting stewardship models are better equipped to implement corporate social responsibility initiatives, fostering ethical integrity while creating value for stakeholders (Wahyuni et al., 2024). Additionally, stewardship-based governance structures embed accountability mechanisms, ensuring resources are utilized ethically and efficiently.

Stewardship is particularly relevant in addressing greed, as it shifts organizational focus from accumulation to service and responsibility. Proverbs 21:20 reflects this principle: “The wise store up choice food and olive oil, but fools gulp theirs down,” underscoring the value of prudent and ethical resource management. Research has shown that stewardship-based practices improve stakeholder trust and contribute to organizational resilience during crises (Stuebs & Kraten, 2021).

Biblical teachings explicitly warn against materialism and the destructive pursuit of wealth. 1 Timothy 6:10 declares, “For the love of money is a root of all kinds of evil,” emphasizing how greed for material possessions fuels unethical decision-making and corrupt practices. This principle calls for leaders to prioritize accountability, integrity, and social responsibility over personal enrichment (Morcillo, 2024).

Organizations that adopt this principle into their cultures often discourage materialistic tendencies that can lead to corruption. Studies reveal that leaders who emphasize ethical values over material gains foster environments that promote transparency and discourage unethical behavior (Schloemer, 2022). Furthermore, organizations resisting materialism often outperform their peers on sustainability metrics, aligning their goals with societal and environmental interests rather than short-term profits (Armstrong, 2020).

The Bible frequently highlights the futility of materialism, as seen in Matthew6:19-21, which advises, “Do not store up for yourselves treasures on earth, where moths and vermin destroy, and where thieves break in and steal. But store up for yourselves treasures in heaven.” This verse reinforces the importance of focusing on lasting, ethical contributions over fleeting material gains.

Servant leadership, a concept deeply rooted in biblical ethics, prioritizes the leader’s role as a servant to their team, stakeholders, and society. Mark 10:45 illustrates this principle: “For even the Son of Man did not come to be served, but to serve, and to give his life as a ransom for many.” This model emphasizes values such as humility, transparency, and accountability, directly countering the self-serving tendencies often associated with greed (Ayoko, 2022).

Servant leaders focus on the well-being of others, fostering trust, collaboration, and ethical cultures within their organizations (Monroe, 2022). Research highlights how servant leadership contributes to integrity-based decision-making frameworks, ensuring organizational practices align with moral and societal standards (Dajani & Rossert, 2024). For instance, ethical leadership practices rooted in servant leadership principles have been linked to improved corporate governance and stronger stakeholder engagement, making them essential for sustainable management practices (Kumar, 2024).

Servant leadership also creates a culture of empowerment, where employees are encouraged to act with integrity and accountability. Philippians 2:3-4 reinforces this principle: “Do nothing out of selfish ambition or vain conceit. Rather, in humility value others above yourselves, not looking to your own interests but each of you to the interests of the others.” By fostering humility and service, servant leadership creates organizations resilient to the ethical risks posed by greed.

Strategic Risk Management

Strategic risk management refers to the systematic process of identifying, assessing, and mitigating risks that threaten an organization’s objectives. This approach integrates ethical considerations, emphasizing that ethical failures can pose significant risks to long-term organizational success. Traditional risk management models have often been critiqued for prioritizing financial and operational risks while neglecting the ethical dimensions of corporate governance and decision-making (Haron, 2024; Azzahra et al., 2024). Integrating principles of ethics, including biblical ethics, into strategic risk management allows organizations to address the root causes of unethical behavior, such as greed, and build resilience against corruption risks.

Addressing corruption effectively requires an interdisciplinary approach that unites theology, ethics, economics, public administration, and risk management. Such collaboration enables the integration of faith-based moral values into practical governance structures. Studies comparing ethical governance in Ghana, Nigeria, and Cameroon show that trust in anti-corruption agencies significantly improves when strategies are developed through cross-sectoral partnerships (Osifo, 2014). Incorporating diverse perspectives ensures that proposed frameworks are ethically robust, contextually relevant, and pragmatically applicable.

Ethics training is a proactive approach to embedding ethical considerations into organizational culture. Such programs focus on instilling accountability, transparency, and integrity among employees at all levels. Studies have shown that regular ethics training sessions, particularly those grounded in universal moral principles like honesty and stewardship, can significantly reduce unethical behavior in organizations (López-Claros, 2017; Card, 2020). For example, anti-corruption strategies implemented in the public and private sectors in countries like the USA, Estonia, and Liberia demonstrate the efficacy of training in fostering a zero-tolerance culture toward corruption (López-Claros, 2017).

Embedding biblical ethics into ethics training programs can further enhance their effectiveness. Principles such as stewardship, humility, and servant leadership provide moral and spiritual grounding that resonates with many individuals and transcends cultural boundaries. Organizations that implement these principles in their training programs have reported increased employee engagement, reduced incidences of corruption, and enhanced organizational reputation (Slesarev & Turgaeva, 2023).

Transparent governance policies are essential for fostering accountability and deterring corrupt practices. Robust policies outline clear lines of responsibility, establish mechanisms for oversight, and promote transparency in decision-making processes. Research indicates that organizations with strong governance frameworks are more effective at mitigating corruption risks and ensuring compliance with ethical standards (Adeusi et al., 2024; Azzahra et al., 2024).

Integrating ethical principles into governance policies ensures that organizations do not merely comply with regulations but actively foster a culture of integrity. For instance, implementing whistleblower protections and conducting regular audits aligned with ethical guidelines create a system of checks and balances that deters misconduct. Additionally, adopting technology such as blockchain for transparent financial reporting has been shown to enhance accountability and reduce corruption risks in industries ranging from education to finance (Adeusi et al., 2024).

Governance frameworks informed by biblical ethics emphasize stewardship, accountability, and service. These principles encourage leaders to act not as owners but as stewards of resources entrusted to them, prioritizing the well-being of stakeholders over personal gain. Such frameworks foster long-term sustainability and trust, both of which are critical for organizational success (Adeniran et al., 2024; Asher & Wilcox, 2021).

In addition to traditional approaches, organizations are exploring innovative measures to enhance strategic risk management. Examples include:

1. Technology Integration: Using advanced analytics, artificial intelligence, and blockchain to improve risk identification and monitoring processes (Azzahra et al., 2024; Card, 2020).
2. Sustainability Practices: Incorporating environmental, social, and governance (ESG) considerations into risk management frameworks to align with global sustainability goals (Yazo-Cabuya et al., 2024).
3. Stakeholder Engagement: Engaging both internal and external stakeholders in designing and implementing risk management systems, as demonstrated in Italian public administration studies (Monteduro et al., 2020).

LITERATURE REVIEW

This literature review synthesizes existing research to explore the intersection of greed, corruption, and risk management, as well as the role of biblical ethics in fostering ethical organizational cultures. By examining these themes comprehensively, this section aims to provide insights into how ethical frameworks can combat systemic corruption and unethical behaviors in organizations.

Greed and Corruption

Greed is a pervasive driver of unethical decision-making and systemic corruption in organizations. Studies demonstrate that greed influences corporate fraud, embezzlement, and other unethical practices by fostering an environment where personal gain outweighs collective welfare (López-Claros, 2017; Koven & Perez, 2021). Greed-driven behaviors often stem from cultural norms that prioritize material success over ethical considerations, creating vulnerabilities for corruption (Ivascu et al., 2022). Research highlights that greed not only distorts ethical decision-making but also erodes trust and accountability within organizations. For instance, studies on corporate governance reveal that when leaders act with self-interest, they prioritize short-term profitability over ethical responsibilities, undermining organizational integrity (Baquero-Herrera, 2020; De Jaeger, 2022). Moreover, systemic issues, such as weak oversight and poor regulatory frameworks, exacerbate the influence of greed on corruption, further entrenching unethical practices in corporate environments (Koven & Perez, 2021).

Strategic Risk Management Approaches

Traditional risk management frameworks have primarily focused on financial and operational risks, often neglecting the ethical dimensions critical to long-term sustainability. This narrow focus leaves organizations ill-equipped to address risks associated with corruption and unethical behaviors. Recent research suggests that integrating ethical considerations into risk management frameworks significantly enhances their effectiveness (Card, 2020; Slesarev & Turgaeva, 2023).

Ethically informed risk management involves proactive measures such as ethics training, transparent governance policies, and accountability mechanisms. Studies show that organizations incorporating ethical principles into their risk management practices report improved organizational resilience and reduced

corruption risks (Adeusi et al., 2024; Azzahra et al., 2024). For instance, ethics training programs grounded in universal moral principles, such as honesty and integrity, have been shown to foster cultures of accountability and transparency (Wallace, 2023). Technological innovations, such as blockchain and advanced analytics, also play a pivotal role in enhancing transparency and mitigating corruption risks. By enabling real-time monitoring and audit trails, these tools strengthen oversight mechanisms, reducing opportunities for unethical practices (Azzahra et al., 2024).

Biblical Ethics in Business

Biblical ethics provides a compelling framework for fostering ethical cultures in organizations. Principles such as honesty, humility, and stewardship emphasize the moral responsibilities of leaders and employees, offering a counter-narrative to greed-driven behaviors (López-Claros, 2017; Morcillo, 2024). Research indicates that organizations adopting biblical principles experience improved accountability, reduced corruption, and enhanced stakeholder trust (Slesarev & Turgaeva, 2023).

For instance, stewardship encourages leaders to manage resources responsibly, prioritizing long-term sustainability over personal enrichment. Studies on ethical leadership reveal that stewardship-based practices align corporate goals with societal welfare, fostering trust and organizational integrity (Koven & Perez, 2021; Monroe, 2022). Similarly, the biblical warning against the love of money (1 Timothy 6:10) underscores the destructive potential of materialism, encouraging leaders to focus on service and accountability rather than personal gain (Baquero-Herrera, 2020). Servant leadership, another key principle of biblical ethics, emphasizes humility, transparency, and accountability. This leadership model fosters ethical decision-making and empowers employees to act with integrity, contributing to the development of ethical organizational cultures (Dajani & Rossert, 2024; Ayoko, 2022).

The literature supports the notion that ethical training and governance structures can mitigate greed-driven corruption, forming the basis for the propositions developed in this study. Specifically, existing research underscores the significance of integrating faith-based principles into corporate decision-making, supporting Proposition 3, which posits that organizations incorporating biblical ethics into risk management frameworks will experience enhanced corporate integrity and reduced exposure to fraudulent activities. The next section will present a structured Proposition Development framework, synthesizing key insights derived from the literature. These propositions offer a conceptual foundation for integrating ethical considerations into risk management strategies, addressing both individual accountability and systemic governance gaps.

Proposition Development

The role of greed in corporate corruption necessitates a structured approach to strategic risk management that incorporates ethical principles. Based on the literature review, this study proposes the following key propositions. First, corporate cultures that prioritize profitability over ethical accountability are more vulnerable to systemic corruption, emphasizing the need for ethical governance frameworks that integrate biblical principles of stewardship and integrity. Second, faith-based ethical frameworks, particularly those grounded in biblical teachings, offer a counterbalance to greed-driven decision-making by fostering humility, transparency, and accountability among leaders and employees. Third, organizations that implement ethical training programs based on biblical principles will experience lower instances of fraud, increased stakeholder trust, and sustainable long-term performance. Fourth, governance policies that emphasize servant leadership and ethical financial stewardship will enhance corporate resilience against corruption and promote long-term economic stability. Finally, organizations that embed biblical ethics into strategic risk management will achieve greater corporate integrity, as ethical decision-making becomes ingrained in the corporate culture, reducing the risks associated with unethical business practices. These propositions form the foundation for examining how biblical ethics can be integrated into corporate risk management to mitigate the harmful effects of greed and corruption.

DISCUSSION AND ANALYSIS OF FINDINGS

This section presents an analysis of findings related to corporate greed, ethical decision-making, and strategic risk management. Each of the key propositions developed in this study is reinforced by the findings discussed in this section. The analysis confirms Proposition 1, which highlights how corporate cultures that prioritize profit over ethical accountability are more susceptible to systemic corruption. Likewise, the findings support Proposition 2, demonstrating that organizations incorporating faith-based ethical frameworks into governance structures experience greater transparency and integrity in decision-making. These insights underscore the relevance of biblical ethics in mitigating strategic risks associated with greed-driven leadership.

The Problem of Greed in Corporate Corruption: Greed emerges as a key driver of unethical behaviors in corporate settings, acting as a catalyst for financial fraud, bribery, and systemic misconduct. Principal-agent theory underscores how greed disrupts the alignment between organizational objectives and individual actions. Agents, motivated by personal enrichment, often exploit their positions to the detriment of organizational goals, as demonstrated in numerous corporate scandals. Institutional theory complements this understanding by revealing how systemic greed can create environments where corruption becomes normalized through weak governance frameworks and inadequate accountability mechanisms (López-Claros, 2017; De Jaeger, 2022). Biblical principles reinforce the moral dangers of greed. Ecclesiastes 5:10 warns, “Whoever loves money never has enough; whoever loves wealth is never satisfied with their income,” underscoring the unquenchable nature of greed and its potential to disrupt ethical practices. High-profile cases like Enron exemplify how unchecked greed can devastate businesses and stakeholders, highlighting the necessity of addressing greed at both individual and systemic levels (Marzouki et al., 2023).

Objective and Theoretical Framework Analysis: The research objective—to combat greed through ethical frameworks—aligns with biblical teachings on integrity, stewardship, and accountability. These principles offer a moral foundation for developing strategic solutions to counteract greed and corruption. Stewardship, as emphasized in 1 Peter 4:10, encourages the responsible use of resources for the benefit of others, advocating long-term sustainability over personal enrichment (Morcillo, 2024). Principal-agent and institutional theories form the backbone of the theoretical framework, highlighting gaps in current risk management models. While principal-agent theory identifies the need for robust oversight to minimize conflicts of interest, institutional theory emphasizes systemic reform to disrupt entrenched patterns of greed-driven corruption. Together, these theories underscore the importance of integrating ethical principles into risk management practices to promote accountability and sustainability (Rothstein, 2021; Hazy et al., 2023).

Role of Biblical Ethics in Strategic Risk Management: Biblical ethics provides a counter-narrative to materialism and self-interest by promoting principles such as stewardship, humility, and servant leadership. Proverbs 21:20 emphasizes prudence and resource management: “The wise store up choice food and olive oil, but fools gulp theirs down.” This teaching underscores the importance of prioritizing sustainability over short-term gains. Stewardship encourages leaders to manage resources responsibly and align organizational practices with ethical values, fostering trust and stakeholder engagement (Stuebs & Kraten, 2021). Similarly, servant leadership, rooted in Mark 10:45, promotes humility and accountability by emphasizing the leader’s responsibility to serve others. Research demonstrates that organizations adopting servant leadership models experience enhanced transparency and ethical decision-making, reducing the likelihood of corruption (Monroe, 2022; Ayoko, 2022).

Greed and Risk Management Integration: Traditional risk management models often neglect the ethical dimensions of corporate governance, focusing narrowly on operational and financial risks. Biblically informed strategies can bridge this gap by embedding ethical principles into decision-making processes. For example, ethics training programs based on stewardship and servant leadership principles have been shown to reduce unethical behaviors and foster a culture of accountability (Slesarev & Turgaeva, 2023; Wallace, 2023). Incorporating transparent governance policies further mitigates corruption risks by establishing systems of accountability. Ethical audits and governance frameworks aligned with stewardship principles ensure that resources are managed ethically and responsibly, reducing systemic vulnerabilities that enable corruption (Adeusi et al., 2024; Azzahra et al., 2024).

Case Applications and Implications: Case studies provide compelling evidence of the transformative impact of adopting ethical frameworks. Companies that align their strategies with biblical principles, such as corporate philanthropy and tithing, have demonstrated improved stakeholder trust and reduced corruption risks. These practices not only promote ethical cultures but also enhance organizational resilience to systemic shocks (Monroe, 2022; Koven & Perez, 2021). The implications of these findings extend to organizational policies, which must integrate ethical considerations into compliance frameworks and sustainability initiatives. By adopting biblically grounded risk management practices, organizations can align their goals with societal values, fostering long-term success and trust (Ayoko, 2022; Marzouki et al., 2023).

Empirical evidence from countries like Liberia and Kenya demonstrates how faith-driven reforms in public and private sectors have successfully reduced corruption risks. These reforms included ethics training informed by Christian principles, anti-corruption sermons in churches, and transparent public resource management supported by interfaith coalitions (López-Claros, 2017). Estonia’s governance reforms further illustrate how ethical leadership—rooted in both Lutheran values and civic virtue—helped institutionalize transparency, accountability, and public trust through e-governance systems and whistleblower protection frameworks.

Implications For Theory, Policy, And Practice

The implications of ethical risk management extend across theoretical, policy, and practical dimensions, influencing corporate governance frameworks and leadership strategies. The findings of this study align with the key propositions developed in the research, reinforcing the argument that biblical ethics provide a viable framework for ethical corporate governance and strategic risk management. Proposition 5, which emphasizes the role of biblical ethics in organizational integrity, is particularly relevant for policy development, as it suggests the need for faith-based ethical training programs and transparent governance mechanisms to mitigate corporate corruption. The implications of these findings extend beyond theoretical discourse, offering actionable strategies for organizations seeking to integrate ethical decision-making into their corporate structures.

Theoretical Implications: This study advances the understanding of the relationship between greed, corruption, and ethical risk management frameworks. By contextualizing greed as a systemic issue that transcends individual behaviors, the research highlights the necessity of addressing both personal and institutional dimensions of corruption. Principal-agent theory illustrates how unchecked greed disrupts organizational alignment, while institutional theory emphasizes systemic vulnerabilities that normalize unethical practices (De Jaeger, 2022; Rothstein, 2021).

The integration of biblical ethics, particularly principles such as stewardship, humility, and servant leadership, fills significant gaps in traditional risk management models. Biblical teachings offer actionable ethical guidelines that counteract greed by fostering accountability and service-oriented leadership. For example, 1 Timothy 6:10 warns against the love of money as a root of evil, aligning with theoretical frameworks emphasizing moral responsibility and long-term sustainability. These insights provide a robust foundation for future research on integrating ethics into governance and risk management strategies.

Policy Implications: The findings underscore the importance of incorporating ethical principles into corporate governance policies to strengthen accountability and transparency. Regulatory bodies are encouraged to integrate ethical risk assessments into compliance frameworks, ensuring a proactive approach to identifying and mitigating corruption risks. Policies that embed biblical principles, such as stewardship and servant leadership, emphasize not only regulatory compliance but also the moral responsibility of organizations to serve their stakeholders and society.

For example, governance structures informed by Proverbs 15:27, “The greedy bring ruin to their households, but the one who hates bribes will live,” can foster transparency and integrity by discouraging materialism and incentivizing ethical behaviors. Whistleblower protections, ethical audits, and transparent reporting mechanisms are recommended to deter corruption and promote organizational accountability (Koven & Perez, 2021; Adeusi et al., 2024). Additionally, regulatory frameworks must prioritize ethical training for corporate leaders, equipping them with the moral grounding to address greed-driven risks effectively.

Practical Implications

This study emphasizes several practical implications for organizations aiming to combat greed-driven corruption and foster ethical cultures through biblically informed practices. These implications focus on actionable steps, grouped into training, governance, audits, and cultural reinforcement, providing organizations with a roadmap for ethical transformation.

Developing Ethics Training Programs: The implementation of ethics training programs rooted in biblical principles is a crucial practical step for addressing systemic greed. Such programs should incorporate teachings from 1 Peter 4:10, which calls for the faithful stewardship of resources to serve others. By embedding values such as stewardship, humility, and service into organizational training, companies can foster cultures of accountability and transparency. Training sessions should be tailored for different organizational levels, from leadership teams to entry-level employees, ensuring that all members understand their ethical responsibilities and the organization’s commitment to integrity. These programs must include interactive workshops, case studies, and discussions that integrate biblical teachings with real-world scenarios, allowing participants to recognize the impact of their decisions on organizational ethics.

Ethical Audits and Stewardship-Based Financial Management: Ethical audits are vital for identifying and mitigating corruption risks within organizations. Regular, comprehensive audits aligned with stewardship principles ensure that financial resources are managed responsibly, aligning with ethical standards. As highlighted by biblical teachings such as Proverbs 21:20, which stresses prudent resource management, these audits help organizations maintain financial integrity while fostering trust among stakeholders. In addition to audits, organizations must adopt stewardship-based financial management practices that prioritize long-term sustainability over short-term profitability. Financial policies should focus on ethical investment strategies, transparent budgeting, and the equitable distribution of resources. Implementing these policies not only enhances organizational resilience but also aligns corporate practices with biblical values of responsibility and service.

Integrating Ethical Governance Policies: Governance policies that integrate ethical principles are essential for creating a culture of transparency and accountability. Drawing on teachings from Proverbs 15:27, which warns against greed and bribery, organizations should establish clear policies that discourage materialistic pursuits and promote integrity. This includes instituting whistleblower protections to encourage the reporting of unethical behaviors without fear of retaliation and requiring regular disclosures to maintain transparency in decision-making processes. To ensure these policies are upheld, organizations should create governance committees tasked with overseeing ethical compliance, conducting regular reviews of governance structures, and recommending improvements. These committees should also engage with external advisors to align their practices with global ethical standards while remaining rooted in biblically inspired principles.

Promoting Cultural Reinforcement Through Philanthropy and Tithing: Corporate philanthropy and tithing represent practical ways for organizations to reinforce ethical cultures while contributing to societal welfare. Inspired by Matthew 6:19-21, which advises against storing earthly treasures, organizations can prioritize initiatives that create lasting value for communities. Examples include sponsoring educational programs, funding community development projects, and supporting environmental sustainability efforts. These activities not only reinforce a culture of service and generosity but also strengthen relationships with stakeholders. Additionally, organizations should establish internal practices that encourage employees to participate in charitable activities, such as paid volunteering days or donation-matching programs. These initiatives foster a collective sense of purpose and align the organization’s goals with societal and spiritual values, reducing the influence of greed on decision-making.

Institutionalizing Biblical Principles in Organizational Practices: Lastly, organizations must institutionalize biblical principles such as servant leadership and humility across all levels of management. Leaders should be trained to prioritize the well-being of their teams and stakeholders, aligning their actions with the teachings of Mark 10:45, which emphasizes service over personal gain. This involves creating leadership development programs that focus on ethical decision-making, conflict resolution, and fostering collaborative environments. By institutionalizing these principles, organizations can create cultures that actively discourage greed and corruption, while promoting ethical practices as the foundation of their operations. These efforts must be complemented by ongoing evaluations to ensure that organizational practices continue to align with both ethical standards and biblical teachings.

CONCLUSION

This study identifies greed as a central driver of corporate corruption, perpetuating unethical behaviors such as financial fraud, bribery, and embezzlement. Traditional risk management frameworks have proven insufficient in addressing the ethical dimensions of corruption, often prioritizing operational and financial risks while neglecting systemic ethical risks. Principal-agent theory and institutional theory underscore how unchecked greed disrupts alignment within organizations and normalizes corruption at systemic levels.

Biblical ethics emerges as a viable framework for mitigating greed-driven behaviors by promoting principles such as stewardship, humility, and accountability. Key biblical teachings, such as Proverbs 15:27 (“The greedy bring ruin to their households, but the one who hates bribes will live”), emphasize the dangers of greed and the importance of ethical practices. Similarly, 1 Timothy 6:10 highlights the spiritual and ethical consequences of the love of money. These principles provide actionable guidelines for fostering organizational cultures rooted in integrity and long-term sustainability.

Despite its contributions, this study acknowledges several limitations. The application of biblical ethics in contemporary corporate governance faces challenges due to cultural and religious diversity in global organizations. Not all stakeholders may resonate with or accept biblical teachings as a basis for ethical frameworks, necessitating additional cross-cultural considerations. To enhance global applicability, ethical strategies must identify universal values shared across cultures and belief systems. Principles such as honesty, justice, and service resonate in Islamic, Buddhist, African communal ethics, and secular moral codes alike. Presenting biblical ethics as a source of universally relevant values rather than exclusive religious doctrines encourages broader acceptance. Ndedi (2015) emphasized that effective anti-corruption strategies must be adaptable to various cultural settings while retaining ethical integrity.

Additionally, there is limited empirical evidence directly linking the application of biblical ethics to improved governance outcomes. While the study integrates theoretical insights and anecdotal examples, further research is needed to substantiate the effectiveness of these frameworks in diverse organizational contexts.

Future research should focus on empirical studies evaluating the effectiveness of biblically informed risk management frameworks in mitigating corporate corruption. Cross-cultural analyses are essential to explore the adaptability of biblical ethics in organizations operating in multicultural environments. These studies should aim to identify how universal ethical values embedded in biblical teachings can complement other cultural or religious perspectives to create inclusive and robust ethical frameworks. The propositions developed in this study provide a structured approach to integrating biblical ethics into corporate risk management, offering practical strategies to counter greed-driven corruption. By reinforcing principles such as stewardship, servant leadership, and transparency, these propositions serve as a foundation for ethical corporate governance. Future research should further explore how faith-based ethical frameworks can be empirically validated in different organizational contexts, ensuring their applicability in modern business environments.

While challenges exist, the integration of biblical ethics into corporate governance represents a promising avenue for addressing systemic greed and fostering ethical organizational practices. By prioritizing accountability, stewardship, and integrity, organizations can move toward sustainable and corruption-resistant operations. The adoption of these principles offers not only practical benefits for businesses but also aligns with broader societal goals of trust, transparency, and ethical accountability.

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